Image of the Day: A Five-Star Ghost Town at the End of 'The World'

By Tim McGirk Monday, Oct. 19, 2009 …Depending on your point of view, the World is either the apex of mankind’s ingenuity or a cautionary tale about the feverish excesses of Dubai’s 21st century boom. Each island was selling for $15 million to $50 million, by invitation only: its developers were pitching the spits of land to tycoons, sportsmen and celebrities. But when Dubai’s property market imploded last year, dropping more than 50%, cheeky headlines in the international press suggested that “the end of the World” had arrived. One dealer was quoted as saying that the multibillion-dollar project had been postponed “indefinitely.” (See pictures of Dubai.) …

A Five-Star Ghost Town at the End of ‘The World’ via The Oil Drum